When it comes to aquiring wealth, the general public has two major blind spots:1. They have no idea that bad economies are actually the best times to generate wealth;2. They truly believe that they have to have lots of money, connections, education and experience to become wealthy. Nothing could be further from the truth... In this report self-made billionaire Bill Bartmann takes you through one of the most refreshing ways to make money that the world has seen in a long time.

TRANSCRIPT

BANKRUPT - to -BillioNAiRe

How to Make Money in a Bad econoMyby Bill Bartmann

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When it comes to acquiring wealth, the general public has two major blind spots: 1) They have no idea that bad economies are actually the best times to generate wealth; 2) They truly believe that they have to have lots of money, connections, education and experience to become wealthy. Nothing could be further from the truth. Im living proof of that. I grew up in abject poverty, leaving home at age 14 to join a traveling carnival. Ive lived under bridges and eaten out of dumpsters. Ive been a teenage alcoholic, one who suffered the fate of becoming paralyzed from the waist down after falling down the stairs drunk. Doctors told me Id never walk again. Ive also become a millionaire three times, bankrupt twice and a billionaire once. Ive reached as high as the 25th wealthiest person in America. Ive created a 3,900 person company that was only exceeded by Microsoft in its ability to grow faster for longer. Ive been really, really rich and Ive been really, really poor. (Yes, rich is better.) And, in this report I will show you things about making money that are typically only known by the most successful individuals in our society. Most importantly, the business methodology for making money in a bad economy I will teach you, using my real life experiences as a backdrop, are usable by anyone regardless of age, race, economic situation, geography, credit history or education.

tHe econoMics of financial opportunityToday in 2010 we have what economist believe to be the worst economic conditions since the Great Depression of the 1920s and 30s. The amount of people out of work exceeds 10% of the population. This has caused a ripple effect through the economy, resulting in foreclosures, loan defaults and record levels of corporate and personal bankruptcies. For the first time it is believed this coming generation will be financially worse off than the generation that preceded it. That is macro economics.

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Micro economics is different. It isnt concerned with THE Economy, rather its about YOUR Economy. And make no mistake about it, they are completely different. It is certainly true that in bad economic times significant portions of the population find themselves worse off. It is also true that not all people are worse off. Some in fact are better off and some are doing better financially than they ever have in their lives. Throughout history, the shrewdest business people have always seen recessions and depressions for what they rightly are: An amazing opportunity. If you know what youre doing a bad economy can be your greatest opportunity to create wealth. Why? Its pretty simple really, in a down economy everything is on sale. This is why you see smart business people like Warren Buffet, Donald Trump and the folks at Google buying, not selling, when the economy is at its worst. Theyre taking advantage of others panic, doom and gloom. The problem is that most people have no idea how to make money when times are bad. They see mass layoffs, companies not spending, tight credit and declining stock prices which blind their traditional eyes to the opportunities that abound.

tHe critical Viewpoint to Making Money in a Bad econoMySeeing opportunities in a bad economy requires you to change your perspective. Get this concept into your brain: What is a good economy for one type of business can be an absolutely lousy economy for another, and vice-versa. For example: Some businesses will only have skyrocket growth in good times (i.e. Luxury Automobiles, Private Jets, Corporate Real Estate) Some businesses will only have skyrocket growth in bad times (i.e. Bankruptcy Attorneys, Pawn Shops, Credit Counseling) This business lesson was responsible for enabling me to become a billionaire and the 25th wealthiest American in 1998. However, it was a lesson I was forced to learn the hard way.

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a lesson in tHe speed of failure opec, oil & tHe crasH of Hawkeye pipeIn the 80s I became a millionaire in the oil business. My company, Hawkeye Pipe, supplied drilling rig operators in Oklahoma with the drilling pipe to send down the hole and get the well drilled. Times were good until something happened on the other side of the planet, and no one saw it coming: The bottom fell out of the price of oil. Oil had been trading at around $40 per barrel. In August of 1985 Saudi Arabia suddenly increased its production from 2 million barrels per day to 5 million barrels per day. Within a short period the world price per barrel dropped to $14. Economists and oil people alike thought that the price would soon rebound. Even people who had no delusions about the profit motives of OPEC figured that the price would go up. OPEC was hurting itself by flooding the market with so much oil that the price collapsed. Soon they had to come to their senses and slash production, causing prices to rise once again. For me, when oil prices collapsed, drilling stopped cold. Drillers figured there was no point spending more money to poke holes in the ground only to lose money when trying to sell that new oil at the new low price. Therefore our demand for pipe dried up virtually overnight. It was a body blow to Hawkeye and when the oil market did not recover I had no choice but to shut down Hawkeye. One decision from OPEC and 3 months later we were toast. When the music stopped, I was left with a $1 million note that I had personally guaranteed to American bank. I was flat broke again. (To be accurate, it would cost me a million dollars to be flat broke.) key point: This collapse occurred amidst the massive affluence of go-go 80s when it seemed like EVERYONE was making money hand over fist. This good economy, was actually a horrible economy for those in the oil business.

Bouncing Back tHe Bad econoMy opportunity & seed of great wealtHAfter Hawkeye went under I fell into a profound depression. Quite literally I did not leave the house for weeks. I didnt even leave the bedroom for days at a time, but sat and watched cartoons. Im not proud of that statement, given that I was a husband and father at the time and had responsibilities. Im just describing the truth about depression about the feeling of having no feelings.

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Everything was a shade of gray and nothing looked promising. I had given Hawkeye my best shot and it was not good enough. We subsisted on credit cards. I really wish that I could remember what got me out of this mental slump. It was like my own personal Dark Ages when not much got accomplished or written down. The most I can recollect is that I began to take baby steps in the direction of looking for opportunities. I began to broaden my horizons in terms of the kinds of businesses I might get involved in. Each day I went to the kitchen table and fixed a cup of coffee. Then I checked both the Muskogee Phoenix and the Tulsa World newspapers for anything that remotely looked like I could make a living from it. It was not promising. I lived in a small town smack in the middle of an oil-dependent economy and oil was slumping big-time. Welders needed to disassemble oil rigs for scrap No, that was not for me. Portfolio of defaulted loans available. What kind of idiot would buy these! Short-order cook needed for night shift. Been there, done that. The next day was the same ritual of thumbing through the papers: Experienced forklift operator Id driven them around but only for fun at Hawkeye. Portfolio of defaulted loans available. Theres that ad again. It continued: Federal Deposit Insurance Corporation offers for auction a portfolio of defaulted consumer loans. If theyre defaulted, then what good are they! Assistant Funeral Director No thanks. Struck out again. The next day I opened the paper and there it was again: Portfolio of defaulted loans available. Okay, now Im more curious than anything. It sure sounded like the government was trying to pull a fast one on some unsuspecting schmoe. If these loans had any value whatsoever, why would the government be auctioning them off? Given that my inbox only had bills in it, I was in no hurry to start the day. I decided to call the number on the ad. I was told that the portfolio of loans was available for inspection at the Bank of Commerce in Tulsa. Will it cost me anything to inspect them? The man said it would not. I drove from Muskogee to Tulsa, using the back roads so I didnt have to pay on the toll road. I was watching my pennies that carefully.

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When I got to the Bank of Commerce I was shown into an empty room and moments later a secretary delivered one of those brown cardboard file boxes. That was the portfolio. It consisted of a hundred or so file folders, each telling the sad story of a defaulted customer. I later pieced together the typical journey a loan took. All these steps in the journey were pieces of paper in the file. Before the borrower took out the loan, of course there was an application that stated the borrowers income, credit rating, etc. Then came the loan agreement itself. The file usually contained a report on how many payments the borrower made before he defaulted. There was documentation about the banks efforts to collect on the loan. Once the bank did